Question 7You have asked the junior UX designer on the team to do a competitive audit. They are not sure what the team will learn from this audit. What should you tell them? Select all that apply.1 pointA competitive audit allows you to identify your key competitors. A competitive audit provides you with an understanding of how your competitors position themselves in the marketplace.A competitive audit provides insight into the corporate structure and their design processes.A competitive audit allows you to review the products your competitors offer.

A junior UX designer is concerned that by conducting a competitive audit, the design team will simply copy what the competitor has done. What should you tell them to alleviate their concern? 1 pointThe design team has done this before. They alter just enough content to make it look like an original idea, even though it is the competitor’s idea.Innovation only happens when you can reuse ideas and make them better. The key is to understand what the competition is doing and use that as a starting point to push forward and innovate.It is okay to do that. Imitation is a form of flattery.

Your client asks you why the UX design team is spending time conducting a competitive audit. They want to know why it is important to gather that type of research. How should you respond to the client? 1 pointDesign ideas are more successful if the designers know what the competition has already done.Design ideas are more successful when they can use the competitor’s ideas to work from and improve upon.Design ideas are more successful when they are based on designs that are already proven to work.Design ideas are more successful when there’s a deep understanding of business needs and market gaps.

The fundamental objective of the audit of a company is to A. Protect the interests of the minority shareholders B. Detect and prevent errors and fraud C. Assess the effectiveness of the company’s performance D. Attest to the credibility of the company’s accounts

How can organizations ensure the quality of third-party auditing services?  A. Implementing regular performance evaluations  B. Establishing strong contractual agreements  C. Conducting regular audits of auditing firms  D. Providing auditors with access to all company data

The following Table outlines various industry factors that may be relevant to the audit.Identify the potential business risk that the auditor would be most concerned about on each of the audits.Audit Factor Audit Client Details1. Competition A clothes retailer operates in a highly price‑competitive industry.2. Demand Greater consumer awareness of the impacts of conventional farming practices has increased demand for products from a small organic dairy farm.3. Seasonality A ski resort in Queenstown, New Zealand experiences seasonal demand as tourists visit during the winter ski season.4. Commodity Airline companies are highly dependent on jet fuel commodity prices, which are subject to volatility Group of answer choicesRecorded revenues.Increased technology costs.Negative cash flows.Negative cash flows.Valuation of Inventory.Recognition of revenues.Recognition of revenues.Commodity pricing.Valuation of Inventory.Meeting increased consumer demand.Going concern red flag.Commodity pricing.Operating profit margins.Increased demand for dairy products.Going concern red flag.Negative cash flows.Operating profit margins.Increased demand for dairy products.Negative cash flows.Declining working capital.